Bitcoin Seeks New Direction Amid December Consolidation

Investors have paid higher prices over time to buy Bitcoin and the currency is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise.

The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 3$2309. The objective at $40282 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately $31200 points. The currency is overall assessed as technically positive for the medium long term.